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BREAKING: MMM Nigeria likely to crash after ‘freeze’, See Why

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On Monday, Nigerians who are part of the ponzi scheme, Mavrodi Mondial Moneybox, otherwise known as ‘MMM’, got news that their funds had been ‘frozen’.

It comes only few days after the Senate warned the whole scheme would burst.

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MMM’s management explained that the freeze will last only one month and advised Nigerians to remain calm.

Part of the statement reads: “As usual, in the New Year season the System is experiencing heavy workload.

“Moreover, it has to deal with the constant frenzy provoked by the authorities in the mass media.

“The things are still going well; the participants feel calm; everyone gets paid – as you can see, there haven’t been any payment delays or other problems yet – but!.. It is better to avoid taking risk. (Moreover, there are almost three weeks left to the New Year.)

“Hence, on the basis of the above mentioned, from now on all confirmed Mavro will be frozen for a month.

“The reason for this measure is evident. We need to prevent any problems during the New Year season, and then, when everything calms down, this measure will be cancelled. (Which we will definitely do).

However, this might be the first step to the pyramid tumbling down.

Earlier this year, South Africans who take part in MMM, had their accounts frozen and up till now, it has remained that way.

Anonymous leaders of the South African wing, blamed “media panic” for the reboot on April 30.

MMM SA told members: “We have to declare a restart and start all over again. We have no choice.”

Journalist and socio-political commentator, Cheta Nwanze, also feels that the Nigerian wing will go that route.

He wrote on his Facebook page: “MMM has crashed, let’s not beat about the bush on that. Turning it into banter at this time, is ill-advised, and shows a distinct lack of empathy.

He also added that, “as long as you are required to bring your child’s blood in order to secure a loan at an unreasonably high interest, then Nigeria will remain fertile ground for any ponzi. MMM will go, QQQ will replace it next year, and people will still get involved. Because for them, the risks are worth it.”

MMM was founded by former Russian politician, Sergey Mavrodi, who went on the run when the original MMM collapsed in the late 1990s, with investors losing an estimated $100m.

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